M6. Assignment 6.1: Product Marketing

Introduction to Business
Handouts

Purpose: The purpose of this assignment is to help you understand the numerous elements required for excellent marketing of a product.

Instructions: Complete the following steps and answer the associated questions below. Submit your responses to the instructor as directed.

Step 1: Identify a product.

Identify a product for which you can easily explore, identify the competition, and note the purchase price. Describe this product in a short paragraph. Identify at least three major competitors who produce the same product type.

Step 2: Describe the product.

Write a brief statement about the value and benefits of this product.

Step 3: Create components.

Write a brief statement about the following components of the marketing mix for this product. Review the product at its point of purchase, online, in advertisements, and so forth.

• Product

• Pricing

• Place or Distribution

• Promotion

Step 4: Describe the market.

Briefly describe the target market for this product, including geographic variables, demographic variables, psychological variables, and behavioral variables.

Step 5: Describe market research.

Write a brief paragraph explaining how you would conduct market research for this product.

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